Why You Should Check Your Credit Score And Credit Report Often
No doubt you’ve probably seen a commercial offering you the opportunity to request your free credit report or free credit score. Why the big fuss? Why are free credit report and free credit score offers so popular?
To understand the importance, you need to get copies of your credit report and credit scores. To begin with, let’s get a copy of your free credit report. You can get your yearly credit reports from the government. The government allows you to request credit reports from the three major credit reporting agencies each year.
This only gives you half the information you need about your credit profile. OK, let’s get your free credit score now. The government does not have a program that allows you to get an absolutely free credit scores. So the only way to do this is to sign up for a free credit monitoring trial which will give you a copy of your credit score.
With your credit score in hand you are better able to understand what are good credit scores. With FICO scores, 300 is bad and 850 is perfect. And just like in school the higher the score you have the better. You need a credit score between 740 and 850 to get the best insurance rates and interest rates.
There are many benefits to having a good credit score including the lowest interest rates whenever you borrow money from a bank and possibly job promotion and low insurance rates. So this explains why your credit score is so vital.
The score comes from the info in your credit reports. This is why it is to your benefit to maintain accurate information in your credit report. So review your credit report every three months or so and correct any errors. Now you can save thousands of dollars in interest on your credit cards and loans and hundreds of dollars on your auto and Home Insurance.
This entry was posted on Monday, September 28th, 2009 at 4:11 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.